In the 1982 classic, E.T., when Elliot and Mike take E.T. out on Halloween, E.T. sees people dressed up in bizzarre costumes, but when a kid dressed up like Yoda walks aside, E.T is seen rushing towards him saying "Home Home".
Now Yoda is a fictional character for people on earth. How come E.T. recognizes him and relates to him.
Did Steven Speilberg want to suggest by this scene that may be Yoda actually exists?
What's the meaning behind this scene?

1 Answer
1

Its just a gag/joke or just a promise between Spielberg and Lucas (who knew each other from film school) started from E.T. and ended on Star Wars Episode I: The Phantom Menace.

Grebleips' species are a cameo appearance of the famous aliens of
Steven Spielberg's 1982 film E.T. the Extra-Terrestrial. These
creatures were inserted in the movie to make good on a promise—after
Steven Spielberg included a Yoda cameo and Star Wars toys in E.T.,
George Lucas promised to include an E.T. cameo in the next Star Wars
film he made—The Phantom Menace. While this is primarily an easter
egg, and E.T. is probably not meant to be taken as part of Star Wars
canon, some Star Wars references in E.T. can be reinterpreted in light
of the E.T. references in Star Wars.(source:starwars.wikia.com)

So its a promise between Spielberg and Lucas that both allow to use each others character in their films like gag.